- New drill results from Latin Resources’ (LRS) Salinas lithium project in Brazil confirm previously reported spodumene-rich pegmatites contain high-grade lithium
- Latin received assays for the first two holes drilled at the southern target area with both holes returning over 2 per cent lithium and a peak grade of 3.22 per cent lithium
- Managing Director Chris Gale says the results give confidence “that we may be onto a potentially major new lithium discovery in one of the best mining jurisdictions in the world”
- The company is expecting assays for an additional four drill holes which reportedly had thicker intersections with “abundant” spodumene
- Latin shares jumped 19.7 per cent to trade at 9.1 cents
Latin Resources (LRS) has confirmed high-grade lithium in assays from two initial drill holes completed at the southern target area of the Salinas lithium project in Brazil.
The results confirm that previously reported spodumene-rich pegmatites contain lithium with a peak grade of 3.22 per cent returned from one sample.
Assays from SADD001 include 4.31 metres at 2.22 per cent lithium from 83.82m including 1.13m at 2.85 per cent lithium from 87m.
The second hole returned results of 8.13m at 2 per cent lithium from 111.3m including one metre at 3.22 per cent lithium from 112.3m.
Latin Resources said the results show consistent downhole grade profiles in both holes, with a strong grade correlation down dip between individual pegmatites in each hole.
Managing Director Chris Gale said the results from the first two diamond holes were “extremely pleasing”.
“These results continue to give us confidence that we may be onto a potentially major new lithium discovery in one of the best mining jurisdictions in the world,” Mr Gale said.
“Lithium grades over 2 per cent are not common, with most operations in Australia running between one to one and a half per cent lithium. Our pegmatite Peg_2 is running grades of around 2 per cent lithium, with a peak of over 3 per cent over one metre, which are very high.”
Encouragingly, the company said it has another four holes that had thicker intersections with “abundant” spodumene as well. Assays for these holes are expected over the next few weeks.
Logging of all holes drilled to date has suggested the consistent development of the pegmatites across 500m which remains open along strike. Latin plans to drill along strike to the south to infill existing sections where the pegmatites remain open.
Latin shares jumped 19.7 per cent to 9.1 cents at 10.27am AEDT.